Joint Bank account without any risk?

marcusjclifford

Hi, looking for advice about having a joint account with a friend which carries no risk to my credit score.

I have a really good credit score, my friend not so much, and while I trust them I am not prepared to risk my credit score.

Are there any bank accounts which would meet those requirements? We would ideally operate the account online, and require debit cards.

Would a basic bank account meet these requirements, and are basic accounts available as joint accounts?

I presume there is similar accounts for clubs and such?

Thanks in advance,
Marcus

grumbler

Why over-complicate the things?
Why can't a single account for the bills plus a credit card with a second cardholder do the job?

You-kip

marcusjclifford wrote: »

Hi, looking for advice about having a joint account with a friend which carries no risk to my credit score.

I have a really good credit score, my friend not so much, and while I trust them I am not prepared to risk my credit score.

Are there any bank accounts which would meet those requirements? We would ideally operate the account online, and require debit cards.

Would a basic bank account meet these requirements, and are basic accounts available as joint accounts?

I presume there is similar accounts for clubs and such?

Thanks in advance,
Marcus

Yep just make sure you look after your credit score just incase you ever need to borrow money off Experian or Equifax & obviously the lower the score the less they'll lend.

dr_adidas01

You-kip wrote: »

Yep just make sure you look after your credit score just incase you ever need to borrow money off Experian or Equifax & obviously the lower the score the less they'll lend.

So when did Experian or Equifax start offering to borrow money?

That number that Equifax and Experian sell to customers means diddly squat to lenders, its just something they sell to stupid people who think it does.

The score that lenders see if completely different to the one that you as a customer would have access too.

A joint account will create a financial link and if one persons credit score is is bad it can effect the other persons, so maybe in this case its not a wise move.

As grumbler has said "Why can't a single account for the bills plus a credit card with a second cardholder do the job?"

You-kip

dr_adidas01 wrote: »

So when did Experian or Equifax start offering to borrow money?

That number that Equifax and Experian sell to customers means diddly squat to lenders, its just something they sell to stupid people who think it does.

The score that lenders see if completely different to the one that you as a customer would have access too.

A joint account will create a financial link and if one persons credit score is is bad it can effect the other persons, so maybe in this case its not a wise move.

As grumbler has said "Why can't a single account for the bills plus a credit card with a second cardholder do the job?"

OH I must of been mistaken then as I thought surely if someone is giving out or calculating someones credit files and scoring them then they must do credit products themselves.

Silly me!

dalesrider

grumbler wrote: »

Why over-complicate the things?
Why can't a single account for the bills plus a credit card with a second cardholder do the job?

If the OP is worried about a joint acc. I would go no where near having them as a secondary card holder....
Which would leave the OP wide open to having to payback and liable for any missuse by them.

MisterMotivated

dalesrider wrote: »

If the OP is worried about a joint acc. I would go no where near having them as a secondary card holder....
Which would leave the OP wide open to having to payback and liable for any missuse by them.

Couldn't agree more. If I didn't trust someone to share a bank account where they can only take/spend what's in the account, I certainly wouldn't trust them with my credit card, with which they could potentially spend thousands.

grumbler

dalesrider wrote: »

If the OP is worried about a joint acc. I would go no where near having them as a secondary card holder....

Don't misquote the OP who was worried only about the risk to the credit score because of the possible financial association:

marcusjclifford wrote: »

... which carries no risk to my credit score.

System

I thought there was something I was missing too - apparently not.

It seems a joint pre-paid card or joint savings account with ATM card would be the closest to the OPs requirements.

IIRC only Yorkshire/Clydesdale issue debit cards on savings accounts now.

grumbler wrote: »

Don't misquote the OP who was worried only about the risk to the credit score because of the possible financial association:

dalesrider

grumbler wrote: »

Don't misquote the OP who was worried only about the risk to the credit score because of the possible financial association:

I quoted YOU... Not the OP.

Credit score gained online from the co's means diddly squat in many cases. unlike being lumbered with a large debt.